Gnosis Chain Shared Node

Gnosis Chain (GNO) (formerly xDai Stable Chain) is a blockchain created to empower the DeFi segment with secure and decentralized stablecoin instruments. The protocol operates two core native assets - xDai, a U.S. Dollar-pegged stablecoin and GNO (formerly STAKE), an asset for platform governance and staking rewards.

Gnosis Chain utilizes Ethereum Virtual Machine (EVM), which allows it to be Ethereum-compatible. Meanwhile, it is running on its own consensus way more advanced than Ethereum 1.0. That’s why it eliminates the majority of bottlenecks modern Ethereum (ETH) network struggles with.

The xDai project was introduced to the global crypto audience in October, 2018. Two years later the STAKE token had its primary listing on BitMax exchange. The project is a result of strategic cooperation between Ethereum’s veterans Maker DAO and POA Network.

Initially, the project addressed Ethereum (ETH) scalability: it is connected to Ethereum (ETH) by two bridges. All Gnosis Chain-native assets can be transferred through Ethereum (ETH), and vice versa.

Meanwhile, its design allows Gnosis Chain to demonstrate the high speed of block confirmation (5 seconds) and very low transactional costs (500 transactions for $.01 xDai).

Finally, its stablecoin represents the synthetic of Dai, the world’s most popular algorithmic stablecoin and the first massively adopted stablecoin of the DeFi segment.

Gnosis Chain utilizes a novel consensus mechanism dubbed POSDAO. Users can participate in network consensus by running their own full nodes. All participants of consensus are locking their GNO tokens to receive rewards in both GNO and xDai. The last function is unique: PoS and DPoS systems very rarely offer staking rewards in stablecoins.

Additional sidechains can also lock GNO tokens while getting connected to Gnosis Chain mainnet. That said, Gnosis Chain team promotes GNO as a pioneering chain-agnostic staking asset.

Besides Ethereum (ETH), Gnosis Chain engineers released seamless connection to Binance Smart Chain, a programmatic environment by leading crypto exchange Binance (BNB) and to Polygon Network (ex-Matic Network), a ‘Polkadot of blockchains’ that advances interoperability between Layer-Two solutions.

Fair representation of validators is secured by RANDAO-based Random Number Generator (RNG), a sophisticated instrument of verified randomness.

Despite being an early-stage project, Gnosis Chain was recognized by iconic speakers of the global blockchain community: Ethereum’s co-founders Dr. Joseph Lubin and Vitalik Buterin, Polkadot’s founder Dr. Gavin Wood, legendary Bitcoin (BTC) evangelist Anthony Pompliano, etc.

The main types of use-cases for Gnosis Chain include peer-to-peer payments, community token minting, blockchain games, prediction markets, decentralized voting systems, DAO governance and so on.

In a nutshell, due to its low-cost and nearly-instant transactions merged with chain-agnostic staking mechanism, revolutionary consensus, solid investment background and passionate community, Gnosis Chain should be referred to as the promising environment for decentralized finances, non-fungible tokens (NFTs) and real-world use-cases for cryptocurrencies.